Actually, from what I have noticed, the sm7 sounds closer to the 57 when it's high end boost is engaged. I checked the freq. response patterns, and this seems to confirm my observations.
And yes, as was earlier mentioned, the output does seem to be hotter on my 57s for whatever reason. Then again, maybe
my sm7 is just showing wear from all the times I've used it to mic the bass drum.

Just kidding. It is older, though, which might contribute.
The sm7 is really interesting to look at when you take the foam screen off of it. I've never seen a diaphragm/capsule so carefully guarded. It looks like a steel cage or something was built around it to protect if from hurricane and/or nuclear fallout.
The idea I get is that the sm7 is what the 58 is trying desperately to be - a 57 specially-tailored for vocals. Only the 58 still sounds like a cheap mic, to me (although I think it sounds great live through a p.a.). The sm7 sounds very rich, smooth, lush, expensive.
Car analogy: If the 57 were an economy model that gets excellent gas mileage, the sm7 would be a similar make, only with much better handling for a smoother, comfortable ride in just about any terrain.
My favorite thing about it is it's proximity effect. It's so pronounced, yet manageable. I noticed my Marshall v67 has a similar effect, only the 7 is warmer, and without all the treble hype. It's pretty obvious why it's been so heavily used in radio and voiceovers.